NEW YORK, Oct. 11, 2016 /PRNewswire/ -- Convergex, an agency-focused global brokerage and trading related services provider, is pleased to announce that it has recently launched Darkest, a new options trading algorithm. Designed to offer both buy and sell-side clients with enhanced flexibility and functionality, Darkest is a low impact, cost effective liquidity seeking algorithm.
The Darkest options trading algorithm can operate passively, systematically probing the market for hidden liquidity while remaining concealed; or it can operate aggressively, taking liquidity if it becomes available. In addition, the new algorithm is also cost effective as it will only take liquidity from a user-specified list of exchanges. Furthermore, Darkest complements Convergex's NXP options ATS, which provides increased options market liquidity and potential price improvement opportunities. Other key features of Darkest include:
- Low market impact – invisible to the marketplace;
- User-specified time intervals discreetly probe exchanges (and NXP) for liquidity;
- Available in Convergex's BLAZE GUI or over API; and
- Highly customizable to meet client objectives.
"Convergex's Darkest options algorithm is geared towards market participants seeking a more effective way to capture market liquidity," said Eric W. Noll, Convergex CEO and President. "By leveraging our sophisticated technology systems, we were able to create a multi-faceted options algorithm with increased flexibility while also taking into consideration cost, timing, performance, transparency, and market structure requirements," said Noll.
Convergex is an agency-focused global brokerage and trading related services provider that takes on the industry's toughest challenges, from complicated trades to complex businesses. With clients' interests as the top priority, Convergex delivers comprehensive solutions that span global high-touch and electronic trading, options technologies, prime brokerage, clearing, commission management and beyond. Headquartered in New York with a presence in several other locations including Atlanta, Boston, Chicago, Orlando, San Francisco and London, the company serves nearly 3,000 clients accessing over 100 global market centers.
Convergex is an agency-focused global brokerage and trading related services provider. In the U.S., Convergex offers products and services through Convergex Execution Solutions LLC (member NYSE/FINRA/NFA/SIPC), of which Convergex Prime Service and Options Trading and Technology are divisions; Westminster Research Associates LLC (member FINRA/SIPC); and Convergex Solutions LLC, of which Connex, Jaywalk and LDB are divisions. In London, Convergex operates through Convergex Limited, which is incorporated in England and Wales (registered with company number 06262150). Convergex Limited is authorized and regulated by the Financial Conduct Authority (FCA) of the United Kingdom. Westminster Research Associates LLC is regulated in the United States by the U.S. Securities and Exchange Commission. Westminster provides services in Australia pursuant to an exemption from the requirement to hold an Australian financial services license under the Corporations Act 2001 (ASIC Class Order [CO 03/1100]).
Convergex provides brokerage services primarily on an agency basis, but may operate in a riskless principal and/or net trading capacity and in connection with certain ETF or ADR transactions, may act as principal or engage in hedging strategies. Convergex does not engage in market making or investment banking activities.
The material, data and information (collectively "Convergex Information") that is available from Convergex is intended for institutional investor use only; is for informational purposes only; is subject to change at any time; is not intended to provide tax, legal or investment advice; and does not constitute a solicitation or offer to purchase or sell securities. Convergex Information is believed to be reliable, but Convergex does not warrant its completeness or accuracy and Convergex assumes no duty to update such information. Clients should read their account agreement(s) and documentation with Convergex carefully as those documents contain important information and disclosures about the products or services covered thereby. Convergex is not responsible for third-party information or services, including market data from the exchanges. (Rev. 03/30/2016)
© 2016 Convergex Group, LLC. All Rights Reserved.
Contact: Lynda Caravello